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[[File:Rahm Emanuel.jpg|thumb|200px|Rahm Emanuel]]  

[[File:Rahm Emanuel.jpg|thumb|200px|Rahm Emanuel]]  

'''Rahm Emanuel''' (b. 1959) is a [[United States]] politician from [[Illinois]] belonging to the [[Democratic Party]] who is currently the [[mayor]] of [[Chicago, Illinois]].  He was previously Chief of Staff to President [[Barack Obama]].  Prior to that, he represented [[Illinois]]' 5th Congressional District in the [[U.S. House of Representatives]] during 2003-2008.  As chairman of the Democratic Congressional Campaign Committee, he took credit gaining a majority for the first time since 1994. He became a top leader as Chairman of the Democratic Caucus in the House.   

'''Rahm Emanuel''' (born 1959) is a [[United States]] politician from [[Illinois]] belonging to the [[Democratic Party]] who is currently the [[mayor]] of [[Chicago, Illinois]].  He was previously Chief of Staff to President [[Barack Obama]].  Prior to that, he represented [[Illinois]]' 5th Congressional District in the [[U.S. House of Representatives]] during 2003-2008.  As chairman of the Democratic Congressional Campaign Committee, he took credit gaining a majority for the first time since 1994. He became a top leader as Chairman of the Democratic Caucus in the House.   

Emanual was appointed to the Board of Directors of [[Freddie Mac]] by [[President William Jefferson Clinton]], shepherding the [[subprime lending]] abuses under the [[Community Reinvestment Act]]. [[Barack Obama]] appointed Emanuel as his first Chief of Staff. Emanuel resigned amidst charges of his involvement in Operation [[Fast and Furious]] and the [[Jobsgate]] scandal<ref>http://www.denverpost.com/ci_15213784</ref><ref>http://voices.washingtonpost.com/thefix/white-house/how-the-sestak-job-offer-becam.html</ref> reportedly to run for Mayor of Chicago and take control of the Chicago Democratic party machine.<ref>http://biggovernment.com/tfitton/2010/10/14/is-scandal-ridden-rahmbo-chicagos-next-mayor/</ref>

Emanual was appointed to the Board of Directors of [[Freddie Mac]] by [[President William Jefferson Clinton]], shepherding the [[subprime lending]] abuses under the [[Community Reinvestment Act]]. [[Barack Obama]] appointed Emanuel as his first Chief of Staff. Emanuel resigned amidst charges of his involvement in Operation [[Fast and Furious]] and the [[Jobsgate]] scandal<ref>http://www.denverpost.com/ci_15213784</ref><ref>http://voices.washingtonpost.com/thefix/white-house/how-the-sestak-job-offer-becam.html</ref> reportedly to run for Mayor of Chicago and take control of the Chicago Democratic party machine.<ref>http://biggovernment.com/tfitton/2010/10/14/is-scandal-ridden-rahmbo-chicagos-next-mayor/</ref>

Illustrating Emanuel's penchant for exploiting crises for political gain, he remarked, "A crisis is a terrible thing to waste."<ref>[http://www.youtube.com/watch?v=1yeA_kHHLow Rahm Emanuel]YouTube- you never want a serious crisis video</ref><ref>[http://online.wsj.com/article/SB122721278056345271.html?mod=googlenews_wsj]</ref>

Illustrating Emanuel's penchant for exploiting crises for political gain, he remarked, "A crisis is a terrible thing to waste."<ref>[http://www.youtube.com/watch?v=1yeA_kHHLow Rahm Emanuel] YouTube- you never want a serious crisis video</ref><ref>[http://online.wsj.com/article/SB122721278056345271.html?mod=googlenews_wsj]</ref>

==Background==

==Background==

==Emanuel's role in Freddie Mac and the subprime lending crisis==

==Emanuel's role in Freddie Mac and the subprime lending crisis==

Emanuel was appointed to the board of scandal-plagued quasi-governmental mortgage giant Freddie Mac by [[President Clinton]]. <ref>http://online.wsj.com/article/SB122610420534009957.html</ref><ref>[http://abcnews.go.com/Blotter/story?id=6201900&page=1 Emanuel Was Director Of Freddie Mac During Scandal], ABC News,

Emanuel was appointed to the board of scandal-plagued quasi-governmental mortgage giant Freddie Mac by [[President Clinton]].<ref>http://online.wsj.com/article/SB122610420534009957.html</ref><ref>[http://abcnews.go.com/Blotter/story?id=6201900&page=1 Emanuel Was Director Of Freddie Mac During Scandal], ABC News,

November 7, 2008.</ref>  While Emanuel was on the board, Freddie Mac misreported its net income in 2000 by 30.5 percent, in 2001 by 23.9 percent and 2002 by 42.9 percent, defrauding investors according to the SEC.  Freddie Mac's failure is regarded as one of the precipitating events of the [[Financial_Crisis_of_2008#2008_crises| Financial Crisis of 2008]].

November 7, 2008.</ref>  While Emanuel was on the board, Freddie Mac misreported its net income in 2000 by 30.5 percent, in 2001 by 23.9 percent and 2002 by 42.9 percent, defrauding investors according to the SEC.  Freddie Mac's failure is regarded as one of the precipitating events of the [[Financial Crisis of 2008#2008 crises|Financial Crisis of 2008]].

On February 21, 2003, Emanuel was then serving Congress and reportedly sold up to $250,000 in Freddie Mac stock in an insider trading deal only days before the stock dropped by 10 percent — and weeks before it was publicly revealed that the entity was under criminal investigation for inflating earnings.<ref> http://www.businessinsider.com/book-rahm-emanuel-dumped-tons-of-freddie-mac-stock-days-before-it-collapsed-2011-11#ixzz2MnesKpxI </ref>

On February 21, 2003, Emanuel was then serving Congress and reportedly sold up to $250,000 in Freddie Mac stock in an insider trading deal only days before the stock dropped by 10 percent — and weeks before it was publicly revealed that the entity was under criminal investigation for inflating earnings.<ref>http://www.businessinsider.com/book-rahm-emanuel-dumped-tons-of-freddie-mac-stock-days-before-it-collapsed-2011-11#ixzz2MnesKpxI</ref>

==Congressional leadership position==

==Congressional leadership position==